New bank completes stock offering with 400 subscriptions

North Georgia Bank, a newly organized bank in Oconee County, has successfully completed its stock offering, said Chuck Williams, CEO and president.

More than 400 stock subscriptions were submitted to the bank's organizers, totaling more than $5.3 million, Williams said.

The money will provide the initial capital for the new bank. The minimum initial capital amount was pegged at $5 million by banking regulators.

''We are extremely pleased that our friends and neighbors responded to this opportunity to invest in Oconee County's newest community bank,'' Williams said.

''In the span of 120 days, we were entrusted with over $5 million to start North Georgia Bank. We believe that this reflects the confidence that our community has in our local economy and in our new bank.''

With the stock offering completed, the organizers of the bank are preparing for the bank to open for business possibly in mid-January.

''The filling of our additional staff positions will take place during this month. Also, we plan to start the renovation of the former Walton EMC facility within the next 30 days. It's safe to say that we're going to be busy for a while.''

Williams said the new bank will open as a full-service community bank several months before the permanent bank facility is open.